SUNBIZ

$7.5m Investment Development Plans For Uduya Point

Castle Properties Limited owns Marina Apartment, and the company’s future development plans is to develop more residential properties in Uduya Point.
21 Nov 2020 16:07
$7.5m Investment Development Plans For Uduya Point
Marina Apartments at Uduya Point on Suva Harbour owned by Castle Properties Limited.

Castle Properties Limited is looking at investing $7.5Million on a 16 unit development.

This was confirmed by the company owner and managing director, Vijay Sharma, who said the development, would be next to the Marina Apartment at Uduya Point on Suva Harbour.

Castle Properties Limited owns Marina Apartment, and the company’s future development plans is to develop more residential properties in Uduya Point.

Mr Sharma said the plan was in the pipeline and would build for a market that they foresee would emerge.

“At the moment, the confidence is not that great,” Mr Sharma said.

He said when there was a demand in the market than they would start with the development.

“Our target customers are people who like to live on the water front.”

Mr Sharma said they were confident with the location, given it was located in a very prime ocean front location.

He said other luxury apartment developers have also built apartments in the area.

He said Fiji was still the financial and regional hub of the South Pacific

Therefore, Mr Sharma said the demand for expatriate accommodation was projected to grow over the next few years.

“We are optimistic that the COVID-19 pandemic will be solved and business will resume as normal.”

Mr Sharma said the Uduya Point  was going to be the next Denarau.

“The reason is that all the properties are on the water front that has got the appeal that Suva and Denarau do not have.”

Feedback:  lusiana.tuimaisala@fijisun.com.fj

 



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